Law on restrictions of cash payments in Bulgaria
On February 9th
2011 the Law on restrictions of cash payments in Bulgaria came into
force. Payments in Bulgaria should only be done by bank transfer when;
§ The amount is equal or higher than 15’000 BGN;
§ The amount is under 15’000 BGN, but part of a contract with a total
contract amount equal or higher than 15’000 BGN;
§ Payments in foreign currency, which has equivalent value equal or higher
than 15’000 BGN
The law does not
apply in case of;
§ Deposits and withdrawals to/from personal bank accounts;
§ Deposits and withdrawals to/from bank accounts by partners and first line
family members of people with no or limited capabilities;
§ Transactions in foreign currency in cash by occupation;
§ Operations with banknotes and coins, which is part of the Bulgarian National Bank;
§ Replacement by banks of damaged Bulgarian banknotes and coins;
§ Payment of wages under the Labor Code.
When you have
cash payments higher than 15’000 BGN, and you are not sure whether the above
law applies, contact your accountant to be sure. Violating this law will lead to fines from 25% to 100% of the
total amount.
The complete Law on restrictions of cash payments in Bulgaria (in Bulgarian) can be found here: lex.bg